Egypt’s foreign currency gap narrows to $400m in July By Reuters August 14, 2022, 9:09 AM Creative Commons Hassan Abdalla helped pioneer an interbank currency market in 2004 as part of the reforms, which included slashing income tax to a uniform 20%. Egypt’s foreign currency gap narrowed to $400 million last month from $3.9 billion in February, deputy governor of the Central Bank of Egypt Gamal Negm said on Saturday. Egypt has seen billions of dollars leave its markets since the Russian invasion of Ukraine in February as investors have fled emerging markets for safer havens. But Negm told Egypt’s official news agency that the foreign currency gap — the difference between the country’s foreign currency needs and its current holdings — had narrowed last month thanks to the central bank’s decisions regarding “imports regulation”. Negm also ruled out any considerable devaluation of the local currency soon. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
